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Commodity Daily News
Spot Gold Up on USD Weakness
Thursday, 1 Dec 2011
The move by the world's leading central banks to provide increased liquidity helped to fuel gains in the price of spot gold. The new swap lines had investors selling USDs and buying the metal on expected USD weakness. Spot gold prices jumped to a high of $1,750 and are approaching some technical resistance. There is a downward sloping trend line off of the September and November highs which comes in at $1,763. A breach here would likely find resistance at the November high of $1,803. A failure at the trend line and the commodity could fall back to a rising support line from the September 28th low at $1,655.
